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Mid-Day Report: Risk Selloff Continues on Increase Call for Greece to Leave EurozoneRisk markets continue to be under tremendous pressure on Greece political instability. There is still no coalition government formed in Greece for the moment and it's increasing likely that president Papoulias would call for another election in June. And that would eventually lead to failure to abide by EU and IMF bailout comments which then force Greece to default its debt and leave Eurozone. A official in German Chancellor Merkel's CDU was quoted that there should be an offer for Greece to leave the eurozone in an "orderly fashion" without leaving EU. And, there are increasing similar calls out of Germany. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9202; (P) 0.9226; (R1) 0.9258; More.... The break of 0.9269 temporary top suggests that USD/CHF's rally from 0.9041 has resumed and intraday bias is back on the upside for 0.9334 resistance. As discussed before, consolidation pattern from 0.9334 is finished and rebound from 0.8930 is resuming. Break of 0.9334 will pave the way back to 0.9594 high. On the downside, below 0.9173 minors support will dampen the immediate bullish view and turn bias neutral again. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency dropped again today on risk aversion and option barrier at 1.2950 was tripped, however, more bids from U.S. and Middle East names are still noted above next barriers at 1.2925 and 1.2900 with stops placed below latter level. On the upside, offers from various parties are lined up at 1.2990-00 and also at 1.3040, followed by mixtures of offers and stops located at 1.3065-75 and further out at 1.3095-00. | ||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy at 0.9200Although current breach of previous resistance at 0.9272 confirms the rise from 0.9043 low is still in progress and further gain to 0.9300-10 is underway, near term overbought condition should limit upside to previous resistance at 0.9335 and reckon 0.9350-60 would hold from here, risk from there is seen for a retreat later. Trade Idea: EUR/JPY – Sell at 105.50Although euro has remained under pressure, break of previous support at 103.24 is needed to confirm recent decline has resumed and extend weakness to 103.00, then 102.50, otherwise, further consolidation would take place and another corrective bounce to resistance at 104.45 cannot be ruled out, break there would bring retracement of recent fall to 105.00 but renewed selling interest should emerge around 105.55 (last Friday’s high) and bring another decline later Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||
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